According to a recent release from the Labor Department, the nation's jobless claims for the week of September 3 unexpectedly increased.
Overall, 414,000 claims were filed during the week, which is 2,000 more than the previous period. Prior to the release, economists had predicted a drop, expecting close to 405,000 claims to be processed.
The Labor Department's report also showed that job growth has slowed recently, becoming stagnant in August, while the nation's unemployment rate has remained high at 9.1 percent.
"Especially with the double-dip recession risk rising, firms are cutting labor costs," Jeffrey Roach, chief economist at Horizon Investments in Charlotte, North Carolina, told Bloomberg Businessweek before the report. "They are not quite ready to ramp up production and create the jobs needed for our struggling economy."
The report showed that the four-week moving average for jobless claims increased to 414,750 from 411,000 the week before. In addition, the number of people receiving unemployment benefits fell by 30,000 to 3.72 million during the week ending August 27.
While the national job market has been harsh, Houston has been one of the best performing sectors in the country. As a result, more citizens remain employed and the Houston real estate market has performed admirably.
Courtesy of 2M Realty News